HENGYUAN 4324 INFORMATION OVERVIEW 1
Quarterly Report Review:
该集团前身是SHELL。
该集团在2016年2月2日被中国山东恒源石油化工股份有限公司收购。
收购后，新管理层做了一些改善。
（一）技术和经验的支援
该集团在波德申工厂所进行的EURO 4M Mogas的技术是中国山东恒源石油化工向中国一家企业购买来的技术。
该集团还派技术人员去中国训练并将所训练的技术带回大马。
（二）厂房的升级和翻新
该集团在2017年拨出1亿3500万美元提升炼油的设备，目前仍在进行中。
该集团在2018年8月开始拨出4060万美元整修厂房并表示5年一次整修厂房。
拨出2499万美元更新常压渣油设备。
（三）扩大供应商和客户
恒源接手后的10年里将继续供应汽油和柴油给Shell油站。
母公司将会帮助恒源进入东南亚市场，如柬埔寨，越南，印尼和巴基斯坦等。
（四）赚幅管理
该集团设立了3个策略来保住赚幅，分别是库存保值对冲，价差管理和汇率管理。
库存保值对冲是在期货上操作避免原油价格突然暴跌。
价差管理和汇率管理是根据长远市场做预测并锁定一个利差目标。
（五）降低负债率，重组短长线负债比例
该集团向银行借钱来偿还长期债务并借助这个方式来重组长期和短期的债务比例。
该集团也借短期的周转信贷来平衡短期和长期债务。
Disclaimer:
The information contained in this research is based on data obtained from sources believed to be reliable. However, the data and/or sources have not been independently verified and as such, no representation, express or implied, is made as to the accuracy, adequacy, completeness or reliability of the info or opinions in the research.
Accordingly, neither 以牛攻熊 nor any of its related companies and associates nor person connected to it accept any liability whatsoever for any direct, indirect or consequential losses (including loss of profits) or damages that may arise from the use or reliance on the info or opinions in this publication. Any information, opinions or recommendations contained herein are subject to change at any time without prior notice. 以牛攻熊 has no obligation to update its opinion or the information in this research.
Investors are advised to make their own independent evaluation of the info contained in this research and seek independent financial, legal or other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this research. Nothing in this research constitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to your individual circumstances or otherwise represent a personal recommendation to you.
This research is being supplied to you on a strictly confidential basis solely for your information and is made strictly on the basis that it will remain confidential. All materials presented in this research, unless specifically indicated otherwise, is under copyright to 以牛攻熊. This research and its contents may not be reproduced, stored in a retrieval system, redistributed, transmitted or passed on, directly or indirectly, to any person or published in whole or in part, or altered in any way, for any purpose.
This research may provide the addresses of, or contain hyperlinks to, websites. 以牛攻熊 takes no responsibility for the content contained therein. Such addresses or hyperlinks (including addresses or hyperlinks to 以牛攻熊 own site material) are provided solely for your convenience. The information and the content of the linked site do not in any way form part of this research. Accessing such website or following such link through the research or 以牛攻熊 site shall be at your own risk.
该集团前身是SHELL。
该集团在2016年2月2日被中国山东恒源石油化工股份有限公司收购。
收购后，新管理层做了一些改善。
（一）技术和经验的支援
该集团在波德申工厂所进行的EURO 4M Mogas的技术是中国山东恒源石油化工向中国一家企业购买来的技术。
该集团还派技术人员去中国训练并将所训练的技术带回大马。
（二）厂房的升级和翻新
该集团在2017年拨出1亿3500万美元提升炼油的设备，目前仍在进行中。
该集团在2018年8月开始拨出4060万美元整修厂房并表示5年一次整修厂房。
拨出2499万美元更新常压渣油设备。
（三）扩大供应商和客户
恒源接手后的10年里将继续供应汽油和柴油给Shell油站。
母公司将会帮助恒源进入东南亚市场，如柬埔寨，越南，印尼和巴基斯坦等。
（四）赚幅管理
该集团设立了3个策略来保住赚幅，分别是库存保值对冲，价差管理和汇率管理。
库存保值对冲是在期货上操作避免原油价格突然暴跌。
价差管理和汇率管理是根据长远市场做预测并锁定一个利差目标。
（五）降低负债率，重组短长线负债比例
该集团向银行借钱来偿还长期债务并借助这个方式来重组长期和短期的债务比例。
该集团也借短期的周转信贷来平衡短期和长期债务。
Disclaimer:
The information contained in this research is based on data obtained from sources believed to be reliable. However, the data and/or sources have not been independently verified and as such, no representation, express or implied, is made as to the accuracy, adequacy, completeness or reliability of the info or opinions in the research.
Accordingly, neither 以牛攻熊 nor any of its related companies and associates nor person connected to it accept any liability whatsoever for any direct, indirect or consequential losses (including loss of profits) or damages that may arise from the use or reliance on the info or opinions in this publication. Any information, opinions or recommendations contained herein are subject to change at any time without prior notice. 以牛攻熊 has no obligation to update its opinion or the information in this research.
Investors are advised to make their own independent evaluation of the info contained in this research and seek independent financial, legal or other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this research. Nothing in this research constitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to your individual circumstances or otherwise represent a personal recommendation to you.
This research is being supplied to you on a strictly confidential basis solely for your information and is made strictly on the basis that it will remain confidential. All materials presented in this research, unless specifically indicated otherwise, is under copyright to 以牛攻熊. This research and its contents may not be reproduced, stored in a retrieval system, redistributed, transmitted or passed on, directly or indirectly, to any person or published in whole or in part, or altered in any way, for any purpose.
This research may provide the addresses of, or contain hyperlinks to, websites. 以牛攻熊 takes no responsibility for the content contained therein. Such addresses or hyperlinks (including addresses or hyperlinks to 以牛攻熊 own site material) are provided solely for your convenience. The information and the content of the linked site do not in any way form part of this research. Accessing such website or following such link through the research or 以牛攻熊 site shall be at your own risk.
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